Common Home-buying Mistakes to Avoid

Friday, May 16, 2014

First-time home buyers can be vulnerable to mistakes that can prove very costly down the road. A home is a basic necessity that comes with a pretty big price tag. Once the deal is closed, it would be virtually impossible for the new owners to renounce the purchase even when they find disturbing issues around the home. This is why it’s crucial to avoid common home-buying mistakes that could have devastating consequences.

Probably the most common mistake is to shop around for a home without getting preapproved for a mortgage first. Preapproved mortgages often fall short of buyers’ expectations. This can create a problem if the buyer’s home choice costs more than the mortgage can cover.

Another common mistake is completely ignoring other options because the buyer is too blinded by one house. The truth is, there’s something in every buyer that tells him there’s probably a better option. On the other hand, the downside to being too picky is that the buyer might get lost amid his choices, and fail to make the right decision in the end.

Some buyers might also get sweet talked by the seller into bypassing an inspection altogether. Inspection is key to the accurate valuation of a property, and could reveal problems that the buyer might not have spotted on his own. Without an inspection, the buyer might only learn about these problems when he has already moved in to his new home. 


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